J.P. Morgan Adjusts PRE 1Q And FY 2011 Operating Estimates

On Sunday, PartnerRe PRE increased its 1Q Tohoku earthquake net loss estimate by $230 million to $730 million, “following new information from a large cedant in the region,” J.P. Morgan reports. “As a result, we are increasing our loss estimate for the Japanese earthquake to $730 million,” J.P. Morgan writes. “Our new 1Q and FY 2011 operating estimates are reduced by $3.26 and $3.28 to a loss of $11.94 and $5.57, respectively.” PartnerRe closed Friday at $80.36.